Checkbook Partners with Visa for Faster Disbursements

Published about 2 months ago

Payments platform Checkbook has announced a multi-year collaboration with Visa with the aim of speeding up disbursements to businesses, institutions, and individuals across the country. This partnership intends to reach millions of endpoints nationwide.

Building on Previous Collaborations

This latest collaboration follows Checkbook’s participation in the Visa FastTrack program in 2021 and their involvement in the Virtual Card program powered by Visa. The focus of the new partnership is on the implementation of Visa Direct by Checkbook, a move that strengthens their relationship further and broadens the solutions offered by Checkbook.

Streamlining Payment Processes

Checkbook’s goal is to provide a comprehensive suite of modern payment options through a single API. By integrating real-time payments through Visa Direct, the platform enhances its customers’ ability to send and receive swift and seamless payments. In an “always on” world, businesses and consumers need quick and convenient access to cash flow. Speed and efficiency are paramount, whether it involves paying insurance claims, disbursing wages, or providing rebates.

Checkbook’s Solution to Payment Complications

Many organizations face unexpected complications and overheads when facilitating payments. Checkbook’s platform simplifies the process by enabling the creation and sending of real-time payments directly to customers’ bank accounts through eligible cards via one simple API call. The platform also offers features that make managing the payment lifecycle less daunting, allowing businesses to track payment status and monitor account activity from a dashboard or through Checkbook’s robust API.

Visa Direct’s Global Reach

Visa Direct is transforming global money movement by facilitating the delivery of funds to over 8.5 billion endpoints, including 3 billion+ eligible cards, 3 billion+ bank accounts, and 2.5 billion+ wallets worldwide. In Visa’s FY23 alone, Visa Direct surpassed 7.5 billion transactions. Checkbook customers are part of this, contributing to their time and resource savings. This collaboration represents a significant step forward in redefining how businesses handle payments, ensuring speed, efficiency, and convenience in an increasingly digital world.

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